Friday 21st May 2010 |
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Briscoe's shares rise on announcing it is looking for growth opportunities and Kiwi Income Property Trust posts a loss. Rakon posts a loss, but reports that results in the second half of the year were much stronger. Tower plans to lift life insurance premiums and stocks on Wall Street and in Europe tumble.
Briscoe Group (NZX: BGR ): Managing director Rod Duke told shareholders at their annual meeting that the retailer remains in a strong financial position. Briscoe is keen to expand its key homewares and sporting goods businesses as well as expand into new geographical areas, he said. The shares rose 3% to $1.32 yesterday.
Kiwi Income Property Trust (NZX: KIP ): The property investor yesterday posted a full-year loss of $12.4 million, reflecting a reduction in the value of its portfolio as a result of the world-wide decline in property prices. Still, the trust said it would distribute as forecast a full-year payment of 7.5 cents a unit to its holders. The stock fell 1% to 95 cents yesterday.
Rakon (NZX: RAK ): The maker of crystal oscillators used in navigation systems and mobile phones posted a full-year net loss of $5.4 million, in line with its guidance, and said it staged a second-half recovery. The company said it is comfortable with analyst estimates for 2011 EBITDA of between $25 and $30 million. The shares rose 1 cents to $1 yesterday.
Fletcher Building (NZX: FBU ): The nation's biggest building products company was raised to ‘outperform' from ‘neutral' by First NZ Capital analyst Kar Yue Yeo, according to the ShareChat website. He is forecasting adjusted net earnings of $378 million for the June 2011 year, up from his $303 million forecast for the current 12 month period. His forecasts are based on forward indicators such as residential, non-residential and infrastructure construction, supported by a recovering economy. He lifted his 12-month price target to $9.50 from $8.75. The shares fell 6 cents to $8.06 yesterday.
Tower (NZX: TWR ): The insurer plans to lift premiums on new and existing life insurance by 7% in the second half of the year, Fairfax Media reported. Tower Health and Life chief executive Steve Boomert said premium increases are less than insurance industry estimates of between 20% and 30% because of “business efficiencies.” The shares rose 1 cent to $1.92 yesterday.
Economic themes of the day: The New Zealand dollar sank to 66.42 US cents from 67.50 cents yesterday as Europe's debt crisis stoked fears a global recovery may be in doubt, overshadowing the impact of the government's upbeat projections for the domestic economy in yesterday's budget. Stocks on Wall Street and in Europe tumbled.
Businesswire.co.nz
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